Xiamen Tungsten Co.,Ltd. (SHSE:600549) agreed to acquire remaining 40% stake in Jiangxi Duchang Jinding Tungsten Molybdenum Mining Industry Co., Ltd. from CITIC Trust Co., Ltd. on December 13, 2016. For the year ended December 31, 2015, Jiangxi Duchang Jinding Tungsten Molybdenum Mining Industry Co., Ltd. reported total revenues of CNY 145.78 million, total assets of CNY 519.63 million, net loss of CNY 57.01 million and net liabilities of CNY 40.51 million. As of December 13, 2016 Board of Xiamen Tungsten Co.,Ltd. approved the transaction and the transaction falls within the authorization and jurisdiction of the Board of Director and does not require approval from the shareholders. However, written approvals from Hangzhou Ruixie Technology Co., Ltd., Xinhui Rongtong Media Co., Ltd., Shanghai Heyue Investmnt Services Center, and Shenzhen Keming Industrial Co., Ltd. will have to be obtained.